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Appraisal Subject Matter (Ch10-11) questions with right answers.
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Appraisal Subject Matter (Ch10-11) questions with right answers.
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Appraisal Subject Matter (Ch10-11)questions with right answers.
In the certification required under SR 2-3, an appraiser must certify that "the statements of fact
contained in this report are ___________________."
verifiable at the local county courthouse
acceptable to the client
potentially biased
true and correct ANS - true and correct
An appraiser would be MOST likely to use a narrative report format on what type of appraisal
assignment for a mortgage lender?
a single family home
a four-unit property
a commercial building
a condominium unit ANS - a commercial building
In a written real property appraisal report, extraordinary assumptions and hypothetical conditions must
be disclosed ___________.
on page 1 of the report
on the Summary of Important Features page
in bold type
clearly and accurately ANS - clearly and accurately
SR 2-1b says your real property appraisal must "contain sufficient information to enable
______________ the appraisal to understand the report properly."
government agencies who use
the intended users of
anyone who reads
, the reader of ANS - the intended users of
SR 2-1(c) says each written real property appraisal report must "clearly and accurately disclose all
assumptions, extraordinary assumptions, hypothetical conditions, and __________________ used in the
assignment."
Extraordinary conditions
Ordinary conditions
Other conditions
Limiting conditions ANS - Limiting conditions
On the URAR, page 1, it says "The purpose of this summary appraisal report is to provide the
___________ with an accurate, and adequately supported, opinion of the market value of the subject
property."
Intended user
Client
Lender/client
Reader of the report ANS - Lender/client
The URAR form says that modifications or deletions to the certifications are
Not permitted
Optional
Permitted
At the description of the lender ANS - Not permitted
Each written or oral property appraisal report must have which of the following?
clearly and accurately set forth the appraisal in a manner that will not be misleading;
contain sufficient information to enable the intended users of the appraisal to understand the report
properly;
clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and
limiting conditions used in the assignment.
all of the above ANS - all of the above
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